Reserve Price Auctions

To expand our Exclusive vehicles, accessories line ups and decrease auction times, GIOBikes also offers Reserve Price auctions.

Reserve price auctions are similar to our live auctions with the exception that they have a minimum reserve price.

Reserve Price Auctions Starting at the Minimum

1. The auction will begin at the minimum reserve price and will display nothing under the Current Winner Status (no username). Once the price is exceeded, the Current Winner status will change and will reflect the username of the highest bidder. When the auction closes it will be awarded to the highest bidder. If the price is not met, there will be no declared winner.

Reserve Price Auctions with a Hidden Minimum

Until the reserve price is met, the auction will show an indicator stating "Reserve Price is not Met". The Reserve Price will remain unknown to bidders. Once the price is met, the Reserve Price status will be removed from the auction page and the auction will be awarded to the highest bidder at closing time. If the price is not met, there will be no declared winner and the auction will close and display:

This Auction Ended

If a reserved price is not met, the item will then be offered to all auction participants, at the reserve price (This feature will be available bit later). The item will be placed in each user's account under "Best Offer" with a distinct listing number. The offer will be on a first come first serve basis. The first customer to purchase it will secure the offer. Once the item is paid for it will be removed from all other participant's account.

Happy Bidding!